The Commonwealth Development Authority said the two fiberglass boats, one measuring 20 feet long and the other 22 feet, will be auctioned off with a two-story building in Garapan, two properties on Rota and one on Tinian.
Based on records obtained by CDA, the 20-foot boat is named Santa Remedio II and dates back to 1994.
According to Cristy Kintol, CDA office manager, they expect the boat to fetch around $10,000 while they expect the other boat to sell for $500.
The unnamed owner of the boats executed a chattel mortgage. CDA said based on their agreement, it could take the boats.
According to Wikipedia: “Under a chattel mortgage, the purchaser borrows funds for the purchase of movable personal property (the chattel) from the lender. The lender then secures the loan with a mortgage over the chattel. Legal ownership of the chattel is transferred to the purchaser at the time of purchase, and the mortgage is removed once the loan has been repaid.”
